310-376-9865
Remember, a residual, or an ongoing stream of payments for the completion of past achievements, such as payments for performance in a television series, or commercial, or a singer, is property of the bankruptcy estate.
Upon filing of your bankruptcy, all of your property (real, personal, intangible) becomes property of the bankruptcy estate. Today, a debtor was receiving residuals, and had received $6,000 in residual so far this year. In California, you are only allowed approximately $23,000 exemption in anything, the debtor may only be able to exempt his residuals for the next two years, and the trustee will be able to collect any residuals beyond the $23,000 and use that money to pay back the debtor’s creditors pro rata.
A Debt Relief Agency
- Law Offices MJ Mann Bankruptcy Attorney
- 2706 Artesia Blvd, Suite BK
- Redondo Beach, CA 90278
- 310.376.9865
